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Wash. Post Company Chairman Sells Newsweek to Harman Because of Comfort with His 'Centrist Politics'
Newsbusters ^ | August 2, 2010 | Jeff Poor

Posted on 08/02/2010 3:00:49 PM PDT by Rufus2007

Although it's not clear if Sidney Harman made the best offer of the suitors vying to purchase Newsweek magazine, there is one reason that was made clear by Donald E. Graham, chairman of The Washington Post Co. (NYSE:WPO).

According to Mike Allen at Politico, Harman's bid was accepted by Graham partly because he felt comfortable with Harman's politics.

"Graham felt comfortable with Harman's centrist politics, and was comforted by the idea of selling to a stalwart of the Washington establishment," Allen wrote. "Harman is expected to preserve the serious-minded, essentially New-Democratic tone [outgoing Newsweek editor Jon] Meacham set for the magazine."

...more...

(Excerpt) Read more at newsbusters.org ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: harman; liberalmedia; mediabias; newsweak; newsweek; washingtonpost; wp; yeahright
Another chapter in the demise of Newsweek...
1 posted on 08/02/2010 3:00:53 PM PDT by Rufus2007
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To: Rufus2007

Then I’ll just keep on NOT buying or reading it.


2 posted on 08/02/2010 3:06:31 PM PDT by FrankR (It doesn't matter what they call us, only what we answer to....)
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To: Rufus2007

“Centrist Politics” is to the Washington Post...
...as “Trotskyism” is to a constitution-loving American


3 posted on 08/02/2010 3:08:34 PM PDT by Yossarian (A pro-life democrat is one who holds out for something in return for his pro-abortion vote.)
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To: Rufus2007

Then I’ll just not buy it as per usual .

Newsweek is one of the more lefty lying kook mags out there right now and they say they will sell it to this guy for that reason, PLEASE my sides are splitting with laughter.


4 posted on 08/02/2010 3:09:05 PM PDT by manc (WILL OBAMA EVER GO TO CHURCH ON A SUNDAY OR WILL HE LET THE MEDIA/THE LEFT BE FOOLED FOR EVER)
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To: Rufus2007

Harmon is the the husband of Democratic congresswoman Jane Harmon. He is 91 and she is 65. Guess who is going to inherit this publication and how it will lean politically.


5 posted on 08/02/2010 3:09:52 PM PDT by Uncle Hal
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To: Rufus2007
"Harman is expected to preserve the serious-minded, essentially New-Democratic tone "

Up until today, they claimed to be nonpartisan.

6 posted on 08/02/2010 3:10:13 PM PDT by TopQuark
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To: Rufus2007

If it has to go to a Democrat, it could go to worse families than Jane Harman’s. If she had received the intelligence chairmanship that she should have got in the first place, this administration MAY have executed with a bit more sanity.


7 posted on 08/02/2010 3:12:28 PM PDT by RinaseaofDs
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To: Rufus2007

Charmin vs. Cottonelle


8 posted on 08/02/2010 3:13:35 PM PDT by Huskrrrr
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To: Rufus2007

Are they selling because they are losing money with that leftist view? Then to continue on with the same view seems to ensure the next owner will also go broke


9 posted on 08/02/2010 3:14:20 PM PDT by Beowulf9
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To: Rufus2007

Newsweak will continue to tank.


10 posted on 08/02/2010 3:14:51 PM PDT by b4its2late (Ignorance allows liberalism to prosper.)
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To: Rufus2007

I’m going to run out and not buy one right now.


11 posted on 08/02/2010 3:15:50 PM PDT by MarineBrat (Better dead than red!)
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To: RinaseaofDs

Here’s the thing....it hasn’t achieved a profit in years. It’s hard to envision how this new team will twist the Newsweek team into some kind of profit. If it’s unable to level off and at least show marginal gains....then it’ll be sold again within three years....probably for half what they paid for it.


12 posted on 08/02/2010 3:17:11 PM PDT by pepsionice
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To: Rufus2007
The term shuffling desk chairs on the Titanic was created specifically for this instance in the way the MSM is gonna be hitting the proverbial iceberg any time soon.

I bid you, the MSM, a very fond not-ever-to-be-missed-collective-farewell as you all sink beneath the ocean of truth, justice and the American Way! BUWAHAHAHAHHAHAHAHAHHAHA!

13 posted on 08/02/2010 3:17:58 PM PDT by lbryce (Obama Notwithstanding, America's Best Days Are Yet To Be .)
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To: Rufus2007
Isn't there some law that requires the officers of a publicly traded company NYSE: WPO)to act in the best interest of shareholders. Were the shareholders asked if they wanted to accept a below market-value price for Newsweek? IOW, if they wished to contribute to a subsidy for disseminating leftist propaganda.
14 posted on 08/02/2010 3:19:16 PM PDT by USFRIENDINVICTORIA
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To: Rufus2007
Isn't there some law that requires the officers of a publicly traded company NYSE: WPO)to act in the best interest of shareholders. Were the shareholders asked if they wanted to accept a below market-value price for Newsweek? IOW, if they wished to contribute to a subsidy for disseminating leftist propaganda.
15 posted on 08/02/2010 3:19:18 PM PDT by USFRIENDINVICTORIA
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To: Rufus2007
active member of the Program on Technology, Public Policy, and Human Development at the John F. Kennedy School of Government at Harvard University. Dr. Harman is chairman of the Program Committee of the Board of the Aspen Institute for Humanistic Studies and a member of the Board of the Carter Center of Emory University. Dr. Harman served as the Deputy Secretary of Commerce of the United States in 1977 and 1978.

trustee of the Martin Luther King Center for Social Change

He is married to Jane Harman, a congresswoman from California.

16 posted on 08/02/2010 3:22:45 PM PDT by kcvl
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To: USFRIENDINVICTORIA

Their Board has to approve the sale. Shareholders can sue the Board if they think the sale was not “in their best interests”.


17 posted on 08/02/2010 3:23:56 PM PDT by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
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To: USFRIENDINVICTORIA
Sidney Harman, founder of Harman Industries, a $3 billion producer of sound systems for luxury cars, theaters and airports. Mr. Harman maintains a library in each of his three homes, in Washington, Los Angeles and Aspen, Colo.
18 posted on 08/02/2010 3:27:30 PM PDT by kcvl
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To: Rufus2007

I guess the WPO shareholders dont care if they are a for profit company or not.?.? He sold it to the lowest bidder?? Unbelievable.


19 posted on 08/02/2010 3:28:40 PM PDT by samadams2000 (Someone important make......The Call!)
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To: USFRIENDINVICTORIA

Indeed there is and they might get away with some rubbish about pursuing a left wing editorial policy while they own the magazine but they have a duty to get the best price when disposing of a property.


20 posted on 08/02/2010 3:29:26 PM PDT by Timocrat
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To: Rufus2007

Sidney doesn’t make the Forbes or Fortune billionaire list, so his net worth is difficult to quantify. His wife is often cited as one of the richest members of Congress with a fortune estimated at $112 million in 2009.

******

Goldman and KKR agreed to acquire $400 million in Harman’s convertible debt in lieu of the take over deal. The conversion rate was $104-a-share, but Harman’s stock never recovered when it plunged to $85, the day the takeover deal was scuttled. It now trades at about $32-a-share.

But that’s been cleverly avoided. KKR and Goldman have agreed to buy about $400 million in Harman’s convertible debt. The conversion rate is $104, which means that there is hope that the stock will make a comeback (the current stock price is about $86).


21 posted on 08/02/2010 3:34:00 PM PDT by kcvl
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To: pepsionice

I agree, and all of that works for me. That’s the thing about liberals - profit is NOT what’s most important.

Another way of looking at it is that Newsweak, as a medium of disinformation and propaganda, almost breaks even. A blog may be cheap, but is also doesn’t have a load of corporate advertisers that want to reach an audience of semi-literate fascist housewives and aging boomers paying for all that propaganda.

Harman’s got her own outlet now, and it almost pays for itself. Campaign propaganda is all outlay, and no income. Magazines, for now, at least have advertisers.

Say she actually tacks to the right a bit. Asks Limbaugh to write a column, then what? Can she break even? Who knows? I actually think there’s room in the market for a TRULY centrist magazine. Both right and left - all in the same magazine. Not like some pinko who gets paid to be the conservative correspondant for the Washington Compost.


22 posted on 08/02/2010 3:34:20 PM PDT by RinaseaofDs
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To: Rufus2007

Now if only WaPo would shut its doors permanantly......


23 posted on 08/02/2010 3:34:33 PM PDT by cranked
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To: Rufus2007
Magazines, such as Time and Newsweek, are relics. They are nothing but liberal propaganda, which are written by liberals for liberals. If it were not for all the public libraries, including universities, they would not have any subscriptions. The MSM in all its forms has forfeited the trust of the American people by its blatant liberal bias.
24 posted on 08/02/2010 3:35:31 PM PDT by Nosterrex
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To: Uncle Hal

It will be out of business way before she gets it. I give it another 12 to 18 months tops.


25 posted on 08/02/2010 3:36:09 PM PDT by Captain Peter Blood
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To: kcvl

Yes his library consists of printed hardback copies of past Reader’s Digest dating back to the beginning.


26 posted on 08/02/2010 3:38:28 PM PDT by Captain Peter Blood
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To: TopQuark
Up until today, they claimed to be nonpartisan.

Up until a year ago, certainly.

In 2009 they stopped trying to be a news magazine covering the week's events and turned themselves into an opinion magazine.

They'd been quite liberal for decades, but stopped pretending that they were nonpartisan or unbiased.

But maybe you're right and they never didn't quite say that they were unabashedly liberal.

They kept saying that they were going "upscale" and appealing to an "elite" readership.

They even claimed that losing subscribers was making them more selective.

There was massive self-delusion in their thinking they were a "serious-minded" magazine. The staff felt that they were all serious-minded, members of an elite, and more of their opinions and less facts would naturally make Newsweek more intellectual and serious-minded.

Does Harman know what he's getting into?

Considering that he paid $1 for the rag he probably knows the score.

But the real pricetag is the money that he's going to have to come up with out of his own pocket to keep the thing running.

27 posted on 08/02/2010 3:50:37 PM PDT by x
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To: Rufus2007

He traded the paper for a new stereo and a vintage Lexicon 480L reverb processor.


28 posted on 08/02/2010 3:51:23 PM PDT by counterpunch (Heckuva job, Barry!)
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To: Rufus2007

So, they’re still not interested in sales (or truth)?


29 posted on 08/02/2010 3:55:16 PM PDT by BamaAndy
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To: Rufus2007

if this is the case, it’s still on the road to death.


30 posted on 08/02/2010 3:59:30 PM PDT by The Wizard (Madam President is my President now and in the future)
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To: counterpunch

I heard they held out for a set of Dahlquist Dq10 speakers and an old McIntosh 250 tube amp as well ... which means Harman overpaid for the rag...


31 posted on 08/02/2010 4:03:21 PM PDT by ikka
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To: counterpunch

Now that’s funny!


32 posted on 08/02/2010 4:13:08 PM PDT by Marshall 4x12 (NZ is seeming like a really good option these days.....)
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To: pepsionice
Here’s the thing....it hasn’t achieved a profit in years. It’s hard to envision how this new team will twist the Newsweek team into some kind of profit. If it’s unable to level off and at least show marginal gains....then it’ll be sold again within three years....probably for half what they paid for it.

You're missing the point. The point of publications like Newsweek or the WashPost is not to generate a profit, it's to be a promoter of the Democrat agenda. As long as it's effective at that task, there will be a new buyer for it.

Think of the three years or so that this guy will be paying the deficit as an unreported contribution to the Democrat party. He will be reimbursed by his investments being looked after, by the lawmakers who ensure what companies do well, and what companies don't.

33 posted on 08/02/2010 4:51:41 PM PDT by PapaBear3625 (Public healthcare looks like it will work as well as public housing did.)
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To: Rufus2007
"In seeking a buyer for Newsweek, we wanted someone who was extremely rich and extremely old, and therefore someone who could both afford to absorb almost unlimited future losses and wouldn't understand that a printed weekly news magazine is about as relevant as the rotary-dial telephone in the age of the Internet feels as strongly as we do about the importance of quality journalism," said Post Co. Chairman Donald Graham in a statement.

There, fixed it.

34 posted on 08/02/2010 5:46:06 PM PDT by catnipman (Cat Nipman: Made from the Right Stuff!)
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To: Uncle Hal
Harmon is the the husband of Democratic congresswoman Jane Harmon. He is 91 and she is 65. Guess who is going to inherit this publication and how it will lean politically.

His wife is further right than he is.

35 posted on 08/02/2010 5:47:49 PM PDT by eddie willers
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To: Marshall 4x12
Man, was I way off!
A Lexicon 480L and a Harman-Kardon stereo are worth an easy $5,000 combined.
Seems Sidney bought Newsweak for $1.
 
36 posted on 08/03/2010 1:02:45 PM PDT by counterpunch (Heckuva job, Barry!)
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